Full question:
I'm buying a mobile home from an estate their is a lein to be paid. I will be giving the executor the full purchase price for the home at the bank that will be handling the pay off. My question is will a notorized bill of sale and keys to the home be legal enough until the title returns to the executor and they sign and tranfer at the DMV the title to me? What happens if the executor dies before they recieve the title?
- Category: Real Property
- Subcategory: Liens
- Date:
- State: Illinois
Answer:
Before purchasing a vehicle subject to a lien, it is recommended to get a release of lien from the lender. When buying a vehicle, it is best to get the bill of sale and title at the time the purchase price is made. If there is a lien on the car, the lien should be removed and no longer appear on the new certificate of title. If the executor dies before the estate is probated, then you may have to go to court with the bill of sale to enforce the deal. There are many instances of persons who have not received clear title before completing their end of the bargain and then encountered difficulties in getting the title transferred and/or not receiving the vehicle.
See also:
http://www.ehow.com/how_4895363_sell-car-lien.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art
http://www.ftc.gov/bcp/edu/pubs/consumer/autos/aut03.shtm
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
